Measures for the Administration of the Pilot Project for Preference Shares

优先股试点管理办法

CSRC allows blue chip companies to issue preference shares.

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(Promulgated by the China Securities Regulatory Commission on, and effective as of, March 21 2014.)

(中国证券监督管理委员会於二零一四年三月二十一日公布施行。)

Order of the CSRC No.97

Part One: General provisions

Article 1: These Measures have been formulated pursuant to the Company Law, the Securities Law, the State Council, Guiding Opinions on the Launch of the Pilot Project for Preference Shares and relevant laws and regulations in order to regulate the offering and trading of preference shares and protect the lawful rights and interests of investors.

证监会令第97号

Article 2: For the purposes of